Financing Your First Motorcycle: Tips and Options for New and Used Bikes
Purchasing a new bike can be an exciting prospect, but it's one that comes with a great deal of consideration. For example, before you head down to your local Harley-Davidson dealership, it's important to ask yourself how you're going to afford your new motorcycle. Unless you have the cash, you need to buy a bike outright, you're going to have to rely on financing to make your dreams of owning a bike a reality.
While motorcycle financing can seem daunting to new riders, it's actually not as difficult as it might seem at first. If you're interested in financing your first motorcycle, let's take a look at some tips and options for new and used bikes.
How Does Motorcycle Financing Compare to Car Financing?
Those who are looking into a new motorcycle or a used motorcycle often feel hesitant to purchase a bike because they're worried that buying a new bike is going to be a much different process from getting something like a new car.
The reality? Buying a motorcycle and financing it is very similar to purchasing a car and financing it. If you've bought a car, you're not looking at a much different process. All you have to do is look for lenders offering motorcycle loans, shop around to find the right loan for your needs (low monthly payments, low interest rates, etc.), and fund your new purchase, regardless of whether you want a used motorcycle or a new bike!
Financing Tips and Tricks to Get the Best Motorcycle Loan
Getting a motorcycle loan isn't a difficult feat, but there are factors and considerations that will ultimately impact your experience as well as how much you're going to pay over the lifetime of the loan that you're extended. If you want to make sure you're getting financing that works in your favour, here are a few tips and tricks to keep in mind.
- Shop around. Going to your local credit union, getting pre-approved for loans online, and considering what your local dealership will offer you will ensure that you understand what all your options are so you can select the loan and loan terms that work best for you.
- Try to improve your credit score as much as possible prior to looking for a loan. The better your credit score and the better your credit history, the better your loan terms will be.
- Make sure that you have a down payment set aside. A down payment will help you lower the amount you have to pay back over time so that your monthly payments are far more affordable for you. This is especially crucial if you don't have good credit to leverage when you purchase your first bike and you're facing higher interest rates than other borrowers. You can even trade in your Harley to help you make your new purchase more affordable.
Consider Financing Options Here at FFUN Motorcycles
Most new riders are going to have to consider financing their first motorcycle, and there's nothing wrong with that. The more education you have surrounding motorcycle loans and loan repayment, the easier it will be to make your dream a reality. If you're interested in financing your bike, come down to FFUN Motorcycles in Saskatoon or contact us, and we'll walk you through the financing process so that you can purchase your first new or used Harley-Davidson motorcycle with confidence!
